Building Information Modeling Market worth $14.8 billion by 2029 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 11, 2024 /PRNewswire/ -- The report Building Information Modeling Market is projected to reach from USD 8.0 billion in 2024 to USD 14.8 billion by 2029; it is expected to grow at a CAGR of 13.1% from 2024 to 2029 according to a new report by MarketsandMarkets™. The increasing demand for BIM solutions is attributed to advanced sustainability with BIM and rapid rise in urbanization globally.
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Browse in-depth TOC on "Building Information Modeling Market"
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Building Information Modeling Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 8.0 billion |
Estimated Value by 2029 | $ 14.8 billion |
Growth Rate | Poised to grow at a CAGR of 13.1% |
Market Size Available for | 2020–2029 |
Forecast Period | 2024–2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, Deployment Type, Project lifecycle, End User, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complying with BIM standards across multiple geographies |
Key Market Opportunities | Integration of VR and AR technologies with BIM solutions |
Key Market Drivers | Enables building management systems and facility management systems |
By Offering Type: Service segment is projected to grow at the highest CAGR during the forecast period.
BIM as a Service (BIMaaS) allows for real-time access to BIM models and data via internet connectivity, facilitating enhanced collaboration among project teams, stakeholders, and partners irrespective of their geographic locations. This accessibility fosters seamless communication and decision-making across distributed teams. Moreover, BIMaaS providers offer customizable services tailored to meet specific project needs, including capabilities such as 3D modeling, clash detection, scheduling, cost estimation, and facility management. This flexibility empowers organizations to choose and pay for precisely the services required, optimizing resource allocation and budget management effectively.
By Project lifecycle: Preconstruction to account for the highest CAGR during the forecast period.
The pre-construction segment holds the largest market share in the building information modeling (BIM) market. Utilizing BIM during the pre-construction phase can increase construction speed and lower costs, as well as decrease on-site rework and material waste, contributing to environmental sustainability. By identifying and addressing clashes and issues before construction starts, BIM helps ensure a smoother and more efficient construction process.
By Deployment Type: The cloud-based BIM solutions is projected to register the highest CAGR during the forecast period.
Cloud-based BIM solutions integrate effortlessly with other cloud-based tools and services, such as project management software, data analytics platforms, and IoT devices. This integration boosts the overall functionality and efficiency of BIM workflows. Additionally, cloud service providers manage software updates, maintenance, and security patches, ensuring users always have access to the latest features and improvements without requiring manual intervention.
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By Region: North America to hold larger market share in 2023.
North America holds a significant share in the building information modeling (BIM) industry, with the market encompassing the US, Canada, and Mexico. Leading companies driving this market include Autodesk Inc., Bentley Systems, Trimble Inc., Procore Technologies, Inc. The US is expected to lead the BIM market in North America. It hosts several tier 1 companies and is at the forefront of adopting advanced digital systems within the infrastructure sector. This leadership position underscores the region's robust adoption of BIM technologies across various construction and engineering projects.
Key Players
The major players in the building information modeling companies include Autodesk Inc. (US), Nemetschek Group (Germany), Bentley Systems, Incorporated (US), Trimble Inc. (US), Dassault Systèmes (France).
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